Articles of interest and key APNGBC updates, April 2018
In the lead up to Australia’s largest business conference on trade and investment in Papua New Guinea, the 34th Australia Papua New Guinea Business Forum, APNGBC has collated some articles of interest for PNG’s business sector below along with key APNGBC updates.
— By Various
The following is a selection of articles from various sources relating to Papua New Guinea. Opinions and information expressed in these articles are the views of the author and do not necessarily reflect the views of the Business Council or its members.
In the lead up to Australia’s largest business conference on trade and investment between Australia and Papua New Guinea, the 34th Australia Papua New Guinea Business Forum, APNGBC has collated some articles of interest for PNG’s business sector below along with key APNGBC updates.
From APNGBC - 34th Australia Papua New Guinea Business Forum
Have you secured your tickets for our 34th Australia Papua New Guinea Business Forum? Hurry quickly as time is running out! For women looking to enter the PNG market there are plenty of opportunities. If you want access to relevant and timely information all-inclusive of your marketing and finance questions than our forum is the best place to be. Watch our video for advice for working women in PNG.
Bookings to attend the Forum and for Trade Expo Booths can be done online at http://events.apngbc.org.au/event/34APNG/home.html
From APNGBC- Earthquake update - Members will be aware from media reporting and other sources including the Council’s update to members on 5 March 2018 that on 26 February 2018 a major earthquake of 7.5 magnitude struck Hela and Southern Highlands Provinces causing substantial damage in those and adjoining provinces. There have been in excess of 100 aftershocks and two following earthquakes of 6.2 magnitude on 5 March and 6.8 magnitude on 7 March. The death toll is reported to be in excess of 100. In addition to the relief efforts of the Papua New Guinea government, Australian companies Oil Search and Santos have provided substantial in kind and cash assistance as has the PNG LNG operator Exxon Mobil. Reports by Oil Search and Santos to the Australian Stock Exchange can be read on their websites here and here. The most informative report we have seen to date has been on ABC news here. Frankly speaking, the Australian media has been generally slow to seize the scale of this disaster on Australia’s nearest neighbour and its reporting has been mostly desultory.
On 8 March 2018 Council President Peter Taylor wrote on behalf of members to Papua New Guinea Prime Minister O’Neill expressing to him and the people of Papua New Guinea heartfelt thoughts at this difficult time, deep sadness at the loss of life and damage to property and livelihoods, and deepest condolences to the families and communities of those people who have lost loved ones, or have been otherwise directly and indirectly affected. It was noted that many members of the Council as well as private individuals are making contributions of support in cash or kind and that we will provide whatever support we appropriately can to assist the government and the people of Papua New Guinea in recovery from this catastrophic event which will clearly take a long time.
From PNG Today - PNG oil and gas outlook positive
March 26, 2018 - The future outlook for the oil and gas sector is bright, according to the existing developers Oil Search, ExxonMobil, Total and Santos. They told the second Petroleum and Energy Summit in Port Moresby Monday that they were planning to commercialise three new LNG (liquefied natural gas) trains of Pasca A, P’nyang and the Elk-Antelope developments.
From Dentons PNG Stephen Masa in Business Advantage PNG - Opinion: What businesses must watch out for when dealing with foreign exchange
March 21, 2018 - There are many pitfalls for the unwary when dealing with other countries’ money says Stephen Massa, Head of the PNG Office for law firm Dentons. Although there is no legal limit on the amount that can be transmitted out of Papua New Guinea, there is limited availability of foreign currency at the moment and, as a practical matter, it is difficult to transmit large sums of money out of PNG.
From Business Advantage PNG’s Andrew Wilkins - Economic update: major projects will be crucial for Papua New Guinea’s economy
March 13, 2018 - The fate of some major projects will be critical for the future of the Papua New Guinea economy over the next decade. In the second of a two-part series, Andrew Wilkins discusses the implications.
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